IVA Approved!!!

[SharonR]

Hi All
Just had the call from my IP. My IVA has been approved with a few modifications.

Mods:
-Extra £50 a month - requested by Natwest - largest creditor
-No increase in IP fees
-No more than 3 months in arrears
-Overtime/bonus/commission - allowed to earn 10% above salary then 50% split with creditors.
-If any unclaimed money is left in IVA at the end, this is divided between creditors and not returned to me.

I asked about what if I get a pay rise and he said that this will be reviewed yearly. If it is just a standard pay rise this would normally be cancelled out by a cost of living increase, but if the pay rise was a large amount then an increase may be necessary.

I agreed to all the above as I had actually expected them to ask for a bigger increase in monthly payments as I am only paying back 25p/£.

Also my payments will not start until 1 Jan 08. So I did not have to pay anything upfront or today.

I am really really relieved. I cannot believe in 5 years I will be debt free.

He is sending me my report so I will let you know who voted as soon as I get it.

[mikebdomain]

Well done Sharon and good luck for the next five years - great news...

[Skipper]

Hi

I hate it when they ask for more....my mod said £35 extr please?? yeah OK. I'll get that back for inflationary increase as lenders won't touch that.

The last item in your mod is new, not seen that mentioned anywhere.But as if no one will cliam??

[kieranandmegansmum]

hi what was your total debt and how much are you paying a month

[bluemoon]

Unable to contact anyone who knows what happened at my creditors meeting at 11am this morning.
Very professional huh ?
Makes me think it's bad news.........< sigh >

[louisa.s]

Hi there, that is fantastic news and well done!

[Adam Davies]

Hi
Sharon that is great news and seems a fair IVA,are you ok with the £50 increase ?

Bluemoon.....thats poor service...who is your IVA provider ?
Regards

[bluemoon]

Finally got through to someone.....
No creditor voted against us.
Wife has to lower her pension payments ( she isn't happy about it but what can you do).
Typical equity release at year 4.
Starts on 21st of this month, didn't think it would start so quickly, pity it didn't start until after xmas but hey......
£225 for 5 months, £112 for 7 months & then another £225 for 12 months & then £410 for the rest.
Debt Free Direct was the company

[Lisa2009]

Congrats to both of you

[Skipper]

Bluemoon,

That's an interesting payment set up, first I have seen.

[bluemoon]

font size="1" face="Arial, Verdana, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Skipper

Bluemoon,

That's an interesting payment set up, first I have seen.

It takes into account my CSA payment for my Son.
Always paid child support but the good people at the CSA decided it wasn't enough & decided i should pay £250 a month instead....none of which goes to my Son or his Mother as she's on part benefits

[SharonR]

Hi
I am fine with the £50 increase as at the moment I do get a nice commission every month with my job. And they are allowing me an extra 10% before I divide the commission which is about £120 a month.

My original debt is for 61K. I will be paying £648 for the first 3 months then it drops to £348 for 3 years then goes up to £448 for the remaining time. The reason it drops after 3 months is that my tax credits drop by £300 from April. Then I will have finished paying for my car after 3 years so my IVA payments will increase by £100.

I am so happy my IVA has been approved, it feels strange not to have anything to worry about.

I do think it will be difficult sometimes sticking to a budget but when I think back I have always lived to some kind of budget it is just now I have no credit to fall back on.

Well done to bluemoon on your IVA approval!!

[tracy.h]

Well done,must be a great feeling

Tracy

[Skippy]

Congratulations Sharon and Blue Moon x

[Shining]

Congratulations to both of you.